Market News

Bithumb, Series One Launching Security Token Exchange

South Korean crypto exchange Bithumb has teamed up with crowdfunding platform seriesOne to launch a compliant security token exchange in the U.S. The joint venture was revealed in a press release from seriesOne, which adds that the exchange launch is still subject to regulatory approvals from the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

“I believe that our companies will be able to create a unique product to not only tokenize major assets, but that could also create liquidity through a compliant token exchange,” said seriesOne CEO Michael Mildenberger.

Crypto Markets See Mixed Signals

Crypto markets have seen mixed signals over the day, with most of the top 20 cryptocurrencies by market cap experiencing slight fluctuations. Bitcoin Cash (BCH) and Stellar (XLM) are seeing significant gains on the day of more than 3.5 percent.

Following a slight price rebound, Bitcoin (BTC) has failed to foothold the $6,400 price point today. The major cryptocurrency is down around 0.4 percent over the past 24 hours and is trading at around $6,348 at press time. The intraday high of Bitcoin’s price has amounted to $6,400, while the lowest price point has constituted to $6,342.

Earlier today, it was reported on the research by a group of analysts from Northeastern University and the University of Maryland claiming that Ethereum smart contracts have a lack of diversity, which reportedly poses a threat to ETH blockchain ecosystem.

Russian State Duma Committee Issues Stablecoin

The chairman of Russia’s State Duma Committee on Financial Markets has claimed that the entity is considering the launch of state-backed cryptocurrency pegged to the Russian ruble. Speaking at a press conference on the increase of the household debt load, Chairman Anatoly Aksakov expressed his confidence that the government will back a cryptocurrency, “but it will be a ruble-pegged cryptocurrency.”

The deputy clarified that the implied coin will represent a blockchain-powered stablecoin pegged 1:1 to the ruble. Aksakov further described the model of creating the stablecoin, stating that the cryptocurrency will be backed by a banking deposit of a certain amount. After that, a banking institution is set to issue a corresponding amount of crypto assets by using blockchain technology and adhering to the 1:1 proportion.

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The Chinese telecom multinational giant, Huawei Technologies Co. announced that from Friday onwards, their new smartphone devices would allow users to download Bitcoin wallets from their app store, AppGallery.

The Romanian Ministry of Finance released a draft Emergency Ordinance regulating the issuance of e-money (electronic money). This draft describes e-money as monetary value that is stored electronically and which represents a claim on the issuer on the receipt of funds for the purpose of conducting transactions and which is received by a person other than the issuer of the funds.

In an exclusive interview with CoinDesk, Japan’s third-largest electricity provider, Chubu Electric Power Co. revealed that it going to be one of the first big companies across the globe to try out a new bitcoin payments technology.

Venezuela’s Asamblea Nacional, a political group that is against President Maduro and his policies, harshly denounced the issuance of a petro cryptocurrency. The declared that they believed this move to be unconstitutional and called it a fraud as well as a threat to potential investors.